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Us 24, Yankees 10, Robinson Cano 7, New York 7, New York City 6, California 6, Stuart 5, Obama 5, Fred Upton 4, Obamacare 4, Deblasio 4, Warfarin 4, Kathleen Sebelius 3, Kellogg 3, General Treasury 3, Liz 3, Facebook 3, Sebelius 3, Grover Norquist 3, Nicole 3,
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  FOX Business    Varney Company    News/Business.  
   Wall Street news. New.  

    November 4, 2013
    9:20 - 11:01am EST  

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>> well will you buy stock in twitter? is it facebook deja vu all over again? good morning everyone. we keep saying it american technology leads the world, but it does. thursday we'll see how well the world receives a new social network. by the way, twitter raised its ipo price to the 23-$25 a share range. that's thursday. tomorrow, elections. wednesday, kathleen sebelius goes to the senate. friday, the jobs report. the numbers are likely to be lackluster, but the president will definitely blame the republicans, yes, it is a big week. also on tap, a market that still wants to go up. and yeah, we're looking at a 60-point gain when the market opens this morning. the most stressful job in america? football coaching. yeah, we cover it all on "varney & company" which is
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about to begin. peace of mind is important when you're running a business. century link provides reliable it services like multi-layered security solution to keep your information safe & secure. century link. your link with what's next. help the gulf when we made recover and learn the gulf, bp from what happened so we could be a better, safer energy company. i can tell you - safety is at the heart of everything we do. we've added cutting-edge technology, like a new deepwater well cap and a state-of-the-art monitoring center, whe experts watch over all drilling activity twenty-four-seven. and we're sharing what we've learned, so we can all produce energy more safely. our commitment has never been stronger.
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>> plenty of headlines this monday morning, most of them on obamacare. for the president, that's not good news. look at the latest poll from gallop. only 40% of voters approve of his job performance. 53% disapprove. the obamacare rollout disaster clearing hurting the administration. but for the left, it's not obama, not the president who should be taking the blame. it's those evil insurance. here is the brother of rahm emanuel, an architect of obamacare. >> the law doesn't say to the insurance industry, you drop coverage. insurance industry decides how to make money. when the private company decides they're going to drop people and put them in the exchange you blame president obama, he's not responsible for that. stuart: you've got to blame the private insurers not just emanuel saying that. here is the white house advisor trying to explain why millions will lose their current health plans. >> if you have a plan before
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obamacare, you can keep that. if your plan is downgraded or cancelled, you can't. stuart: pure spin. plans are canceled by the million because obamacare makes them illegal. fox news reporting that 3.7 million people have lost coverage so far. in the next hour, by the way, congressman fred upton will join us and we'll bring you a story of one cancer patient who is happy with their insurance, kept for years and she can't keep it or her doctor. that's 10:00 this morning. don't worry, we're firmly focused on your money. we'll take you to wall street to see, just watch your money grow this monday morning, yes, there's going to be a rally and stocks are going up again, except for blackberry, it's tanking and the reason for that. it's a big week, sebelius hearings, the jobs report, we've got it all, but first, here is this. is football coaching the most
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stressful job? a coach was carted off the field at half time. he was lightheaded and dizzy. and one will have surgery for a heart valve. high stakes, scary stuff. we'll be back in a moment. covered call strategies to generate income? with fidelity's options platform, we've completely integrated every step of the process, making it easier to try filters and strategies... to get a list of equity options... evaluate them with our p&l calculator... and execute faster with our more intuitive trade ticket. i'm greg stevens, and i helped create fidelity's options platform. it's one more innovative reason serious investors are choosing fidelity. when you open an account.
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♪ 'cause i'm the tax man, yeah, i'm the tax man♪ >> i love that music, i mean, that's just perfect because higher taxes may be coming thanks to obamacare. a report in the new york times that says millions of people will get free health coverage under obamacare. grover norquist joins us on the demands for ever more taxes. we're about a minute from the opening bell. come in from chicago, larry levin. look, larry, i've got a new poll from citigroup that says that 20 very rich families keep 39% of their assets in cash, only 25% in stocks. i'm surprised as so much cash. what does it tell you? >> well, it tells you those people have a whole lot of money, stuart and they've got less problems than a lot of people, even a lot of traders down here, you know, if you're going to keep-- >> do you think they're worried? do you think they're nervous with stocks as an all-time high and bonds doing very well, too?
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are they nervous? >> again, i think they may be nervous to a certain extent. you should be a little nervous when the markets are on the highs and unfortunately they're always on the highs and be careful as far as that's concerned. looking at those specific people it's a situation where they can afford to be nervous and some other people, they nt with a to be invested and that's the only way they're going to get their income. so you're talking two different people there. but you should always be nervous when they're on the highs and expect the positions open. stuart: i've never seen nearly 40% of wealthy people's money in cash and never seen that before. and the opening bell has rung and the dow jones industrial average is up this morning. it's another week where it looks like the market just wants to go up. so far we're up 29, 30 points and rising as we speak. i've got big news for you this morning and it's from blackberry. the company is abandoning its plan to sell itself. instead, it's going to sell a billion dollars worth of debt to a couple of major
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shareholders, and also the chief there, the man in charge is going to go, his name is thorston heinz, he is out. and what you have here is a very sharp move down for blackberry stock. it's down 16%. the dow industrial is opening 40 points higher and blackberry a way, way down. two heads lines from the markets this monday morning. let's bring in grover norquist who, by the way, joins us in new york city, very grateful to see. the new york times, grover, is reporting, and i'm reading the headline, millions eligible for free policies under the care act. i'm reading that. i'm reading between the lines. if they're getting it for free, millions of people, that means the taxpayer is going to be forced to ante up more money. do you see tax increases down the road because of obamacare? >> we actually know we have tax increases baked into the cake.
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there are plenty of tax increases eight of them despite obama promising he'd never raise any taxes on any sort of anyone who earned that'sen $250,000. eight of those directly hit middle and lower income americans. stuart: do you think more to come? >> oh, well, first of all, some have already been passed and kick in in 2014, 2018, the ones the unions are worried about with cadillac plans and early retirement, those get hit significant significantly. we got point 3.8 tax on capital gain income and they're going to need more income and this is not going to work, supposed to talk, trick healthy young people into health insurance in the free market in order to subsidize those freebies. stuart: there seems to be demands for tax increases from all over. there is a poll of people about social security ages 50 and over, the majority of them they don't want to see the retirement age raised, they want to tax the rich more to
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pay for the shortfall in social security and it's another tax increase that's staring people in the face. >> look, you've cut off everybody under 50 who feels just the other way, that they're willing-- >> do they? are you sure of that? >> you get everything from support from moving to person accounts rather than the present system which is a loser for people under 50. but look at the tax fight. there are 50 states, not 57. but in the 50 states, 25 of them have republican governors, republican house and senate. they're moving towards lower taxes across the board, income tax cuts in north carolina, with a goal towards abolishing it, across the board in kansas. in blue states like minnesota, illinois and maryland and california, they're raising taxes rather than reforming government. so unlike washington where nothing moves because each side has the veto. in blue states they're turning themselves into california and the red states are turning themselves into texas. stuart: it's a good overview, but you're sounding a little
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defensive if i may say so. >> i can't stop california from shooting itself in the foot again, okay? the good news is more and more states, 25 states with 165 million americans have the most americans live in a state where the republican governor, republican house and senate. only 81 million americans, less than half that, live in blue states. so, while the country is moving in two directions, most americans are moving towards lower taxes. and they're moving to the red states from the blue states. i hope you're right. by the way, don't move to new york city permanently because bill deblasio is going to be the mayor and tax people even more. >> nice to visit. stuart: sounds like me. grover norquist, thank you for joining us in new york city. >> thank you. stuart: let's get back to the markets and we're focusing on facebook, actually using facebook as a proxy for twitter which starts trading on thursday. nicole, let's look at facebook, first of all, where is it? >> let's look at facebook,
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facebook is at 48.90 a share, down 1 1/2% right now. now, we know that was a debacle, it was a $38 ipo, and it sold down to 20 and look, what a great year it's had and to trade as high as 54 and change. but i'm not sure that we can make a fair comparison. i mean, we've seen facebook on the rise and seen mobile revenue on the rise and it's plateaued, versus the lack of profitability for twitter. what do you think, stuart? i don't know, what are your thoughts? >> well, just that the run-up to the twitter ipo reminds me a lot of the run-up to the facebook ipo i should say. by the way, let's not forget they announced just a few minutes ago that the offering price is going to be raised. the new range is 23 to $25 per share. now, does that make it less attractive, more attractive? are they taking more money off the table? i don't know, but they just raised the price, that implies confidence that they could sell
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the shares they want to sell. that's a confident move. >> the pricing is so key. we saw facebook pricing and obviously everybody thought that was priced too high ultimately. the container store was a great example on friday, it was priced right, it priced, but fair pricing and we saw it jumping 100%. you don't know exactly how these are going to be received. stuart: nobody does, no. >> you don't want to price too high. you don't. let's bring in ed butowsky joining us from texas. you're going to buy twitter the offering price raised from 23 to 25? are you buying? >> no, there are a lot of similarities to facebook, but remember, it's the revenue model. when facebook went out they didn't really have a clear understanding how much earnings they're going to have. now they have the clear path. twitter is still up in the air. they make no money, stuart. excuse me in terms of profitability. i'm not buying it. by the way, with the revenue-- with the pricing models raised
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a lot will back away and individuals who normally get 10% of the offerings, they'll get some of the shares, if you do and buy it, flip out of it. i think it's going to be too high-priced after the offering. stuart: a couple of other details i've got to work out and we'll get back to you in a second. two more big names, merck's hepatitis c treatment and that stock is up. nearly a 2% gain for merck. and kellogg cutting 7% of its work force globally, that is, over the next five years part of a big cost cutting operation. the market likes it, kellogg is up 2 1/2%. new complaints about lululemon yoga pants. all right, nicole, what's the problem now? . nicole: they've carved out a niche for the hot yoga pants and right now the stock is to the down side. do you know what piling is, first it was the sheer yoga pants that were problematic and now they have a new thing to contend with pilling on their
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group and wonder under style of pants. notice i didn't say wonder underpants. i said wonder under the style pants. not good. stuart: i think we've got it and the stock is down what, 13 cents. so much for that. nicole: thank you. stuart: ed butowsky is with us, you represent celebrities, athletes, serious money there. many of them, i understand, have been big supporters of president obama, but now is it correct to say that some of them are having second thoughts because of obamacare, supporting obama's policies? >> yeah, there's no request about it. i saw a "saturday night live" skit last night and afterwards yesterday i started calling um some of my clients and friends and asking if they're starting to change their opinions? what's interesting, all of these different scandals have a wonkiness to it like the irs scandal and others we've seen over the years and haven't started to hurt his image with my clients. regardless of race or background people now are saying, hey, this is hitting my
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wallet, but not only that, they cannot believe he lied. that is something that is just not acceptable on any level. so now they're looking more into it. it doesn't hurt that i've been ripping on them all over and over and over again for years trying to teach them how the economy works. it's starting to happen now and starting to see the turn between celebrities in hollywood, my athletes, unbelievable how they're saying, how could this guy lie, how could he lie to us? >> a close relationship between politics and money and we're on top of it and thank you very much ed butowsky. thank you. back to the big board, we've got a 43-point gain early this monday morning and we're off and running to the upside just today. president obama's approval rating falling on the obamacare disaster, the administration says it's not our fault, it's the insurers. will the general public buy that? that's next. ♪
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president's approval number to 40%. 40% approve and 53% disapprove. crystal wright is with us. crystal, do you see-- am i going too far if i say, look, that's a turning point, a 40% approval rating is very, very low. it's because of obamacare. is it a turning point and our whole attitude toward the president? >> well, i don't think you're going far enough. i think you're spot-on though. i think the american people finally are seeing that they cannot trust president obama and really, obamacare is the death nell i would say in america's relationship with this president. think about this, this was his hall mark legislation. he campaigned on this for the first year and a half of his presidency and he said, if you like your health plan, you can keep it. what we're seeing is obamacare boils down to, you cannot -- it's about the health plan you will not keep and how your premiums will likely triple.
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so i think on top of, you know, the nsa spying, benghazi, i didn't know about benghazi, i didn't know about healthcare.gov and the american people scratch their head and say, mr. president, what do you know about, right? >> follow this through, you could be inclined to say so what? his approval rating is down to 40% and obamacare is indeed a disaster. does that translate into the president's inability to push forth more tax increases or more spending on infrastructure, or more green energy policies? does that hamstring the president on all of these other initiatives that he's going to put forward in the next three years? >> well, he has built -- remember the house is the majority rule in the house is republicans, right? so in order to pass anything in the house, you've got to have some goodwill from the republicans. he doesn't have that. now he's got democrats in the senate that are looking at the failure of obamacare and its
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rollout and they're even telling the president, gosh, we're losing confidence in you. so i think right now, he can give up on green energy, immigration reform, all this stuff is really just going by the wayside because even his own party and democrats have lost trust in him. stuart: supposing, over the weekend there was a full-court press by the administration to blame the health insurers, it's not the president's fault, it's not the-- it's the wicked insurers. i don't know if the public will buy that. i don't and you don't, but the public might. that could turn that around. they've been successful in demagoguing and beating up on an opponent. >> you're right. president obama and his team do an excellent job of selling his message. he peddles his message until there's no tomorrow. he's very effective and we saw
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him do it with the shutdown and the republicans and the republicans are standing there with their pants down because they can't get on strategy. with obamacare, millions of letters rolled out are not because of the insurance, the insurers, and when i watched david axlerod this weekend or anyone else, you know what it's like? the building is turning and on fire and david axlerod and the president are saying, stay inside, we're going to put the fire out. there's no putting the fire out on obamacare and millions of cancellation letters, i want people go to my cancellation letter.com and see. it's because the government wants you to have maximum coverage. they want 26-year-old males to have maternity coverage that they don't need. so, this is really, i mean, the very people who voted for obama are like, what did i do? it's outrageous. stuart: fox news is reporting that so far, 3.7 million cancellation letters have gone out with still more to come. crystal wright, thanks for being with us. >> thanks, stuart.
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stuart: it was another friday afternoon document dump, action on climate change. my take on the latest executive power grab by the president coming up next for you. ♪ [ male announcer ] what if a small company
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>> well, here is something new and different. goldman sachs upgrades the steel makers and u.s. steel hits a new high and you don't see that often. new at 10:00, congressman fred upton, his first interview since he chaired the kathleen sebelius hearing. what does he think about blaming the insurance companies for all the canceled policies. and robinson cano asking for $310 million from the yankees. is the era of mega baseball contracts over? we'll ask a former baseball general manager. there was another friday afternoon document dump. the president is hoping you missed it. yet again, the administration is going round congress messing with your money via executive order. here is my take on the climate action plan. the president is going to set up a task force, seven
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governors, 14 mayors, two others, all, but three of them democrats. this committee will make recommendations on things like building codes, infrastructure spending, even how your land may be used. he couldn't get this through congress so he simply issues an order. yes, another one. what's going on here? point one, president obama is telling us there is a direct link between wildfires, storms, droughts, floods and any kind of adverse weather and climate change, a direct link. whether such a link actually exists is worth debate, but there's no debate now. the president says there's a link and we better get on board with a plan. we have no choice. the president is shoring up his base, primarily environmentalists and blue state reporters. and they love this and the left wants more spending no matter what the reason, build more infrastructure. the unions love it. third, and perhaps most important, we're being pushed
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around again, it's like the light bulb mandate only on a mass scale. this president is all government all the time. he's going to tell us how to use our land. he's going to tell us how our homes must be built. the list goes on and on. think how this may play out in the future. there's a storm, big damage. the left says it's climate change. the president says, i told you so. it's those wicked republicans who wouldn't prepare for this, it's their fault. are we going to fall for this all over again? [ male announcer ] sheets or bar? how do you get your bounce?
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>> monday, november the 4th. i still can't get onto healthcare.gov. but fred upton is here and he chaired the sebelius hearings. does he blame the insurers, the president does. and a woman with stage four cancer left in limbo. she's lost the doctor that saved her life. and they're killing off the king of the hedge fund business it happens today. and twitter goes public, buy it hold onto it, that's what our guest says. and new york yankee robinson cano wants $310 million, seems like a bit high for a sport that's losing support. and a big stock, a very big
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week. ♪ energy and commerce committee chairman fred upton is with us. as i understand it, this is his first exclusive interview since the hearing where he grilled kathleen sebelius on the failure of the obamacare rollout. congressman upton. >> how are you? you know better. >> over the weekend, the administration has been pouring it out there. and it is the insurance companies, they're to blame for the cancellations. you're not buying it? >> no, let's let individuals have a choice. we're hearing from lots of people in all of our districts and heard even the last week, a couple of states had maybe canceled all individual policies, but people are standing up everywhere and saying, hey, i'm getting the cancellation notice, i'm finding a replacement as high as maybe 400% and the deductible is rising, too. i thought if you liked your health plan you could keep it?
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so i introduced legislation last week, we have more than 100 co-sponsors. stuart: this is in the house. >> in the house, it says if you had an individual policy and the first of this year, 2013, that will cover you for not having to file under the exchanges or something else. that qualifies you to in essence keep your health insurance. stuart: you have a bill and it says you can't cancel this policy. >> but it says you can keep it. stuart: you can keep it. >> and that it qualifies. remember, most of these-- insurance is run by the states, right? so the point was made when secretary sebelius was with us last week, she was the insurance commissioner for the state of kansas. one of my colleagues said, did you think that the insurance policies that you oversaw when you were a commissioner weren't-- didn't meet the test that folks ought to have? and so anyway. stuart: so you want to make the president keep his promise. >> that's what we're trying to do. stuart: if you've got a
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policy-- >> forcing him to keep his promise. stuart: have you got any democrats to go along? you have republicans? >> we have 100-some republican co-sponsors already. i'm working with our leadership to see if we can't get that bill up on the house floor for a debate and a vote in the nex two weeks. stuart: if you can get a vote on the floor of the house, you'll get some democrats. >> absolutely. i'm convinced we'll get a fair amount of democratic support and put pressure on the senate. stuart: then it will go to the senate and then senator reed has to decide whether he puts it to the senate for a vote. >> that's right. stuart: he doesn't want to? >> well, i know he's getting pressure from a lot of senate democrats saying, hey, we've got to have something like this. i think i saw last week there were at least nine senate democrats that were saying, they were up in arms, particularly in regard to the cancellation of these individual policies. stuart: i've seen some commentary that says we don't want a delay. we want this-- this is from the republican side, we want to let this i
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think this collapse. i mean, it is in a state of collapse as we speak. why are you bailing them out? >> well, we're-- you know what, this is a life and death issue for lots of people. the story that you talked a little about, the woman with the gallbladder trying to keep her doctor. people, they want relief. they're seeing a huge problem with the rollout and they're not able to get on-line. we're trying. they can't, the chairman of ways and means and myself darrell issa, we're trying to find out how many people were signing up. they wanted 7 million people to be signed up by march that's 250,000 folks a week. i don't think they're going to get 250,000 in two months the way things are going. stuart: if they don't then there has to be a delay? >> i would like to think-- it's not ready for prime time and that was our whole point. we had about eight or ten hearings over the last eight or nine months. the administration assured us at every turn, they looked us in the eye and they said we're ready, october 1st can't come
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too soon. we are ready to roll this thing out. and lo and behold, october 1st came and now we're in mid, almost really let's face it mid november and it's still-- still down today, right? >> i'm looking at the headlines, millions eligible for free policies upped the care act. that's on top of people who are applying, getting medicaid. it seems to me that the cost to the government is rising all the time. that means tax increases will be demanded some way down the road. >> well, i don't-- we'll be working against that, but i am ooh-- i mean, the bottom line is this, the president said you can keep your own doctor and the president said even as late as september, if you like what you're getting for your health care, you don't have to do anything because you can just keep it. well, that's not the case for millions of americans who are getting cancellations notices. stuart: do you think that you can put the republicans back into a positive light if you
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can get a delay and let people keep the policies that they've got and like? >> i think we'll be looked at as a savior to lots of folks in america. stuart: a turn around. >> particularly the middle class who are getting stuck more than anybody else. really, the hard-working people are finding that their policy that they liked, they were content with, fit their own health profile, all of a sudden, they're gone because of some little change and they're left high and dry. stuart: do you think you can turn it around? >> we'll try. stuart: it would be quite a turn-- it would be a turn around of historic proportions. >> you know what, at the end of the day, i think if we're able to move our bill and in fact get democrats' support it will be bipartisan and put pressure on the senate to do the same thing and maybe a confession from the white house saying despite what we told you, it's really not ready and we've got to delay the thing for a while. stuart: i want to just get into that story which we promised
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our viewers about this lady, the story is told in the wall street journal today. let me bring it to you. it's a very sad story in the journal. congressman upton just mentioned it. the piece was written by a woman who has stage four gallbladder cancer and quoting directly for almost 7 years i fought and survived stage four gallbladder cancer with a five-year survival rate of less than 2% after diagnosis. i'm a determined fighter, i'm extremely lucky, but this luck may have just run out. my affordable life saving medical insurance policy has been canceled effective december 31st, that's right, she will not be able to keep the doctor she likes and the one who saved her life, and this is contrary to the president's promises. what you're talking about. >> this is just one story out of a ton of stories that are out there. i was back in my district in michigan this last week and had a number of different audiences and i asked for a show of hands and how many people had cancellation, had their
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insurance canceled. hands are up and they would tell the story and they're not happy. a lot of not happy cancers about the rollout. stuart: fox news is reporting 3.7 million cancellation notices have gone out so far, that's just so far. >> it could double or triple. stuart: congressman upton, i can't call you fred. >> that's what it is. stuart: i can't do that. congressman upton, what a pleasure it is to have you with us, sir. chairman, thank you very much. >> thank you, my man. stuart: please see us again. >> i will. stuart: liz, will you comment on this dreadful story of the lady with cancer? >> there are cancer patients losing their doctors, there are cancer patients not able to keep the insurance they wanted. and this woman has said that the insurers are pulling out of the state of california possibly due to high regulatory interference and the insurance market in california. we're going into the holiday season right now where middle class families will be sitting around the dinner table and now talking about the health care problems that they are now facing. that is such bad news for the administration. and across the board. now, not just that you can't
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keep your doctor, you can't get the right-- the argument was we should be able to get the insurance across the state lines. now you can't get a doctors across county lines in your own state. now, that's a huge problem. stuart: congressman upton, were you going to put her on the stand and bring people in? >> we've heard it, any of my colleagues going home and we all are, we're hearing that at every service club speech, i mean, town hall meeting, and teletown meetings, i do, had a woman on a call two weeks ago said i'm a democrat and i've been trying to sign up for this thing and i cannot get in. and you know, for the hearing that we had with secretary sebelius, it was down when we started, it was down when it was over. it was a during that hearing, down the day before, down over the weekend. i mean, it's not ready. stuart: all right, we hear it. thank you, sir. >> thanks. stuart: check the big board, where are we? we've lost much of the gain and we're up 30, 50 points early in the day and now just up 12. here we go again, dare we cue
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the organ music? yeah, we did it. we're going to put blackberry on death watch. this might be a buy signal because every time we've done it in the past, the stock goes straight up. nicole, come on in, where is the stock now? >> i think it's exciting to be a part of the death watch and we'll see what happens. but we are watching blackberry hitting a new low again. we're looking at it down 11%. the whole takeover bid, putting itself up for sale, it's off the table, right? you remember that, so what's happening now, instead, ceo was ousted and they bring in the former sybase ceo and fairfax will invest money into the company and see if they can turn themselves around. this is really going to be a big turn around if they turn it around. stuart: that's the story, nicole, thanks indeed. liz, carry this through for us. where are we going with blackberry? >> listen, they need a new leadership team, entirely new leadership team. they have a great secure
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system, good patents on a good secure system and people in the government use a the lo of the blackberry system so they have that still going for it. stuart: but they're milking their installed base, aren't they? i don't know how many million blackberries are out there in use, but somebody's paying money to use them. that's a cash cow. i mean, surely, the value of the company is a computation of how much money they're going to bring in in the future, like a utility, almost. >> yeah, that's right. they have to put themselves up for sale and i know the buyers are still leery right now. and that's the future for blackberry, break it up. stuart: we've put them on death watch. the stock starts to go up. [laughter] we've seen it before and maybe we'll see it again, who knows? but we're watching it closely. it's a big deal, according to the latest ap poll, the majority of people 50 and over support raising the cap on taxable earnings to help fund social security, to put it simply, the wealthy pay more.
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liz? >> well, this is always a conundrum about reforming social security, right? you cannot do it because there's such a political base supporting it. stuart: why can't we raise the retirement age? we are, after all, living a whole lot longer. isn't it rational somewhere down the road raise the age from 66 to 67 or 68 and do it that way. >> both sides of the political aisle are saying raise the retirement age, but the problem is here, then you still have people working longer, what does it do for the work force, for people who should be retiring and are not. do you have ageism issues coming into the work force where you protect the older worker from not being fired because they're old. stuart: what this poll wants is to raise the amount of money that's taxed for social security. right now your first, i think $109,000 that's taxed. they want to raise it. >> and abolish, abolish the cap. get rid of it entirely and tax all income.
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stuart: that would be a great tax increase. >> a whooping great increase. and this fund has been mismanaged since it was launched in the 30's just like medicare was. stuart: but it's another tax increase. >> it's another tax increase to keep floating. stuart: but it's popular. that's my problem with it. >> i hear you. stuart: it's popular. >> and more money at a broken model, yeah. stuart: and enough of this. it's one of the biggest tech ipo's of the year, probably the biggest, you'll be able to buy shares in twitter this week. should you buy? after the break, someone says yes and by the way, they have raised the offering price. he'll join us to explain it all in a moment. ♪ ♪ fly, robin fly ♪ up, up to the sky when we made our commitment to the gulf, bp had two big goals:
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kellogg cereals slashing 7% of its work force globally over the next four years. the market loves it up 4%. getting more efficient with fewer people, that's the trend. a container store, big ipo friday, the stock doubled, pulling back a little and down what, 65 cents, at 35. got two new items to bring to
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your attention on twitter. the ipo price raised to a range of 23 to $25 a share and ibm has a suit, a patent infringement suit against twitter. the stock starts trading on thursday, should you buy it? our next guest says, yeah, he's going to. michael chasen with social radar is here. okay, you like it, i take it, even at this higher price. it was 17 to 20 and now 23 to 25. you still like it. make your case for buyers. >> take a look at what's happening with all the social media stocks out there. facebook record earnings and linkedin continues to do well and the revenue continues to grow as well as the user base. twitter had all of these same capabilities and quite frankly, it's a little younger company. so the real opportunity is in front of it. they recently posted their revenue the other week and it has huge growth, not only year over year, but quarter after
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quarter, i think this is a stock that is going to take out the ipo and keep going up. >> here is the age old problem, how do you monetize it. >> now, 75% of twitter users are overseas. and they're not pulling in much money from those 75% overseas users. and now, does it-- is there an opportunity in the future or is there a problem for the present? >> it's nothing, but opportunity for the future, but let me step back a little bit because i think talking about, you know, where twitter is going to generate revenue from is a little bit of a red herring. when you take a look at success that facebook has had and linkedin has had with advertising and mobile revenue generation, twitter has just started implementing those same strategies, so quite frankly, the revenue that's generated today has just been based on the current business model. they haven't unlocked the potential i think we'll see tremendous growth. stuart: i've got liz macdonald
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shaking her head. make your case. >> twitter gets a lot of excitement when news event happens like the arab spring or the nuclear disaster in japan in 2011 and then cools off overseas. there's a lot of competition to twitter overseas as well. twitter is treated like a headline, basically, feed for a lot of people overseas, not social media where you talk to other people. so they also have again, stiff competition and they have half of the revenue that facebook was posting from overseas partners. stuart: and your answer to that one there, michael, is? >> exactly, they're only posting half the revenue so that should show you what that upside is with twitter overseas. i'm not saying that all the growth is coming from international although certainly a lot of opportunity exists for twitter in other countries where they're just starting to utilize the social media. they have strong growth continued here in the united states and north america as well. stuart: okay, if you buy it, let's suppose you buy it at 25 and suppose you get inside this thing and buy it at 25, what's your price at, where do you
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think it's going to go? >> i think you can expect a pop in the first day or two and maybe it tapers back a little bit and i think long-term when they start putting out their numbers, i think that the twitter student -- opportunity is the same as the facebook size long-term. you see a stock with more and more growth and more people utilize the service especially on mobile devices, which according to the last release they put out was showing strong growth from 65 to 70% of the people utilizing twitter from their mobile phones. stuart: we hear you, let's see what happens on thursday and of course the days after, because that's where the real story is, i suspect. michael, thank you very much indeed. >> thank you. stuart: it doesn't matter what happens in the general economy, on-line shopping appears to be where it's at. people will spend, spend and shop on the internet and now, amazon announces two deals per day until december 22nd. going to deal with that next. ♪
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>> well, look at this. we've got retailers making gains this morning. we had an upgrade for kohl's and that apparently is lifting the bricks and mortar people. j.c. penney, abercrombie, kohl's they're up nicely 3 and 4%, not bad. look at this from amazon, two
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deals a day, that will be two on-line special deals every day i think until december 22nd right before christmas. liz, that's a push for, go. >> it's a big push. we haven't seen the retail titans going at it like this in years, stuart. in fact, wall street is saying that's going to be the most heavily discounted shopping season they've seen in a very long time. >> now, this is on-line deals from amazon. >> that's right. it seems to me that on-line is going to have one whale of a holiday season this year. they're going all out. >> yes, if the consumer comes out. there are concerns that the shoppers are under pressure this year. 2008 and 2009, wal-mart going at it, target, kmart, toys "r" us and even j.c. penney jumping into the mix because they have to. they're going at it. stuart: is it desperation? look, it looks like a slowdown in the economy. i think we are going to get bad job numbers on friday. the president's going to blame the shutdown. you can blame obamacare, but it
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looks like we're going into a weak holiday season so they're turning around with as many deals as they can possibly cram in as early as possible to get you out there and buying. stuart:. >> yeah, and the kids haven't eaten the halloween candy yet. we have six days less shopping days between christmas and thanksgiving. stuart: and explain that. >> thanksgiving is later, and six days left and even the hall mark channel has an a bug, 51 days left until christmas. >> there's one more number and you just joined us at the 10:00 hour. 40% approval rating, that's how far down president obama has sunk, this is from gallup. 40% approval and 53% disapproval, and i'm-- i've got to say this is because of obamacare, isn't it? >> the story line that we're hearing out of d.c. is that
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this is equal to ronald reagan's approval ratings during his term in office. you know what? you can't equate the two. you can't equate the two approval ratings with what's going on. stuart: 40% is extremely low. >> but you have to look at the rate of the drop and how it coincides with what has been come out of d.c. and how the american population may be at a tippingpoint, realizing at dinner tables across the country, what is going on. stuart: you have to ask if the approval rating is so slow and the president's political capital is so low does it affect his ability to push for tax increases next year and push for more infrastructure spending or push for more green energy policies? he wants to do all three, does he have the political capital to do it? >> it's effective political capital and you may see the president and the administration and the democrats finally compromises. maybe we'll see the end to gridlock, the lower his approval ratings drop. >> now, that would be a
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headline, wouldn't it? for the first time the president has to give in, into a degree, on his fundamental policies. >> right and stop being an argumentive senator who became president and be somebody who makes deals like president clinton did. stuart: he's only been in office five years, give him a break. now this, sac capital versus the government. and this time the government won one. was this a political win? we'll discuss that with the judge who is next. ♪ ♪ here comes the judge .
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>> two big names you know, first blackberry. their deal to go private. they're trying to sell themselves, falling through, down. we put them on death watch earlier. could have been mistake, the thing will probably rally, we'll see. johnson & johnson paying 2 billion to provide off label marketing investigations. not much impact and the stock is down 70 cents at 92. now, today sac capital one of the world's biggest hedge funds is going to sign, likely it will sign a plea deal with prosecutors that's going to ban
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them from managing outside money, as well as pay additi additional fines. judge napitano is here, my question is, they've beaten up the banks and wall street and now they're going after the hedge funds, is this a political prosecution? >> not an easy question to answer, but an excellent question if i may say so. by the way, do you know where i could get my blackberry fixed? i was hoping somebody was buying them. stuart: don't look at me. >> and here is the problem with the political argument, there are six former employees of sac capital who have already pleaded guilty to insider trading and each is going to testify against the corporation. when you are faced with a mountain of evidence like that against you coming from your own insiders, you think very quickly about settling the case. stuart: sure. but the flip side of that is, stephen cohen will argue nobody was harmed by what we did and crime is harm.
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and if you want to say we broke a rule, we'll pay a fine for breaking a rule, but to take a billion-2 from us and to prevent us from ever engaging in this kind of work again and he has been enormously successful at creating wealth and jobs without violating the law, this is a draconian response. but is the justice department after high profile scouts? absolutely. is there a higher profile scalp than all of the hedge funds? i don't want to upset the hedge fund viewers, nobody is bigger than steve cohen, and like when eliot spitzer went after that, caving, caving, caving, the government doesn't try a single one of the cases. the question, what was the last securities and exchange commission case tried? mark cuban who won. the jury was out for about an hour and a half and found there was no cause of action. stuart: but this is what the left wants, politically, they
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want to be able to say, the banks, wall street, hedge funds, they are responsible for the crash. they're crooks, they're robbers, thieves and liars and that's exactly what they're doing because they're making political capital out of it. >> where does the 1.2 billion come from? it comes from the profits of this corporation which will never again be available for investment. that's an extraordinary harm to the economy and to the people who work to achieve it. stuart: where does the money go, by the way. >> to the general treasury. well, it goes to the sec which will remit it to the general treasury. look, the sec is the king of the hill when it comes to sending money back to the general treasury at the end of each fiscal year. stuart: i don't think it's over, sac. >> i can tell you why it's not over they could still indict mr. cohen and this does not permit mr. cohen himself from managing his own or other people's money. it just prevents sac capital from doing so. >> this is an insider trading
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case. separate from that it's a financial collapse. i'm wondering when are we going to see anybody at fannie mae and freddie mac get in trouble for allowing rotten mortgages bonds on to their balance sheets and triggering a-- >> that's the government. we would hold our breath until we're blue in the face and suffocation before that happens. it would be a crime for angelo mozilo or selling that and jamie dimon, but for fannie and freddie to buy it, they had to know what was in there. stuart: and tomorrow, bill deblasio is almost certainly the next mayor of new york city. he wants to tax the rich. and the attorney general, is that of new york. >> two hard left guys. stuart: two hard left guys going after wall street. this is not over, they may be taken steven cohen and sac, but there are plenty of others out
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there. >> and i think that mr. deblasio is going to have to play ball. if he drives the banks from wall street to jersey city that would be catastrophic. >> the open secret is the upper brackets don't stay in new york city long enough to be taxed. they're smart enough-- they have homes on park avenue, they go to florida and other states where they're not going to be taxed so heavily. >> they're not spending money-- >> do you think that mayor deblasio, probable mayor, you think he's going to have to see reality and back off and what he's proposing to do really? >> i have a problem with nanny state or bloomberg, but he understands wealth, money and the significance of wall street to the infrastructure of the city. stuart: he ran the city well. this is a well-oiled machine we've got here. >> in that respect, he did. i hope that deblasio will have the right people around him to
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say you can only go so far with these guys. they go across the river-- >> do you think he's going to-- >> you have a post here that shows him with an ax and sickle over his forehead that might help him in this town. stuart: we started out with a prosecution. >> and ended with a political prosecution. stuart: that's full circle. >> he will have power to regulate the banks that have their principal offices in new york city. stuart: you and i live in new jersey, they're welcome to come over the hudson river and join us in new jersey. >> you're talking about the banks. not talking about deblasio chasing the banks over there, because when they do they'll run into chris christie standing there like this, come on over. stuart: he'd love them. >> no, to deblasio trying to pursue the banks over there. of course he'd love the banks there, who wouldn't? because they pay taxes. stuart: oh, yes, please. thank you, judge, always good.
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thank you. robinson cano, he wants a $310 million contract from the yankees. >> give it to him. stuart: he's not going to get it. i say the era of big baseball contracts may well be over. does former mets gm phillips agree with that? he's going to join us next with the dow up 18. ♪ let's give them something to talk about, baby♪ ♪ let's give them something to talk about, how about love♪ you really love, what would you do?" ♪ [ woman ] i'd be a writer. [ man ] i'd be a baker. [ woman ] i wanna be a pie maker. [ man ] i'd be a baker. i wanna be a pilot. [ woman ] i'd be an architect. what if i told you someone could pay you and what if that person were you? ♪ when you think about it, isn't that what retirement should be, paying ourselves to do what we love? ♪
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read and consider it carefully before investing. risk includes possible loss of principal. >> just days away from the ipo, twitter raises its price to a range of 23 to $25 a share and it's filing reveals that ibm is suing twitter for patent infringement. maybe that's a negative. twitter says it has a defense. blackberry is down on the news the ceo is gone we put it on death watch and usually that means it's a buy. we shall see. look at the stock price of merck up today on positive results for the hepatitis c treatment. the stock is up 2%. for the latest news that you'll soon be able to use the electronic devices at the airport, amazon is taking kindle readers only for today. and also, amazon offering two on-line deals from now until december 22nd.
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amazon shares are down worth a budge 82 at 3.57. and the robinson cano contract at 310 million? did he get it yes or no?
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>> netflix, i believe, is slightly higher today. close to an all-time high. have we got any news on this stuff or just a horse race stock of the day? >> it's one worth watching and the high was 389, 329, it's getting closer and closer, but certainly something to watch,
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but we know that they've developed their program. stuart: i said it was nearing its high. it's nowhere near its high. it went from 389 and then tanked on some kind of news. thanks, nicole. new york yankee robinson cano is a free agent and wants $310 million over ten years to stay in the bronx with the yankees. with that much on the line will the yankees tell them how they really feel about him? and the former gm is here. robinson cano, i think he's 31. >> right. stuart: does he get a 10-year deal for 310 million dollars with baseball in the state it's in? >> there's some part that's power. the yankees tied with third and fourth place with the orioles. and they didn't have a good series. there's a part of thinking they've got a lot of freed up money in the payroll, no harm in asking for it. i don't believe he's going to get it. from the yankees perspective, who are the others in the market and paying that kind of
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money? the mets never take on the yankees for one of their own players because there's always one more yankee player than a met dollar. the dodgers, for them to sign a cuban defector who they think might play at second base, where can he go? i don't know who the other suitor is to give him that kind of money. stuart: apart from that is that kind of money still available in baseball for real stars? because the money is coming out of baseball. it's going into football and soccer, it's not baseball anymore. >> you know, robinson cano and jay-z look that albert puholts, what he got. and maybe it's out there and all you need is one. albert puholts was a bust. >> he was. at a certain time and place for every organization, this is our time to step up and make this payment. i don't think that cano is that kind of a guy. not a power play, i don't think he's worth $310 million. stuart: do you think that the
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yankees are going to get in his face and/or his agent and say you're not going to get it. >> i think they might treat him like derek jeter, if you think it's out there in the market, go get it. we'll watch what you can get. get see what you can get. i think he gets an 8-year deal, 21 to $23 million year. stuart: how come jeter got 12 million for one year when he was injured most of last year. >> he's derek jeter. the fact that he's in every commercial out there. paying for the fact that he's the leader and the captain of your team, the face and voice of the organization. that has value and they determined it's $12 million in value. >> i hate to mention the red sox, i mean, you're a team in new york, but didn't they get rid of at five high paid guys and bring them in much cheaper and they win the world series. doesn't that-- >> the highest player was $15
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million. and the highest for the cardinals, $17 million. robinson cano wants $30 million a year. and it's the yankees. george steinbrenner is no longer around and his son is running the team, but there's pressure there. they have a baseball plan. they allow to pay more for players and better performance on the field, but that fell off last year and the question is, if they lose robe cano, they're-- if they lose him they're in deep trouble. stuart: if you were still a manager of a major league baseball team, wouldn't you like to get rid of the high paid guys and bring in some new blood who might just win the world series? >> wouldn't you like that modeling. >> i want the yankees 189 million payroll and take my chances that i could spend on the right players and win and i don't care about anything else. >> so you reject my basic premise which is that the super high baseball contract is going because there ain't the money
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in the sport any longer? >> it takes one team to do it and i think they'll pay at least 23 million a year for robinson cano a year for eight years. stuart: 23 million a year for eight years? >> why not? >> he's 31 years old. >> it's monopoly money. stuart: is he that good? is he a puholts or a-rod? >> he shouldn't be paid as much as the highest player in the game. stuart: who is the best player in the game? >> i think that mike troutman and miguel cabrera. mike troutman and cabrera for the tigers. year in and year out. stuart: how much do they make. charles: cabrera 20 million and troutman is a kid, 700,000 a year. he's going to get 20 million, but he'll have to play a few more years before the system allows it, but he'll get it. stuart: it's fascinating.
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if i was making that kind of money i wouldn't want to live in california and would not make my home in new york city, taxes. case closed. >> florida and texas. >> you agree? >> here is the thing they take it in signing bonus it's a different tax threshold and in a state that is income tax, that's how its. stuart: texas and florida are golden. >> live there, signing your signing bonus contract there and get the money without taxes. stuart: we got the real news at the end. burying the lead in the news business. why did you do that? >> sorry. stuart: thanks very much indeed, sir. take a look at this photo. this young lady lost her job over it. did she deserve to lose her job? we'll give you the full story, it's very interesting after this.
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>> coming up on "lou dobbs tonight." washington's dysfunction is rooted in part in money and the struggle for power at any price. so says the author of the bombshell exposé "extortion." joining us tonight. be with us at 7:00 eastern. >> we showed you this before the
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break. take another look at it. 22-year-old tweeted and ends to ram a photo herself on halloween dressed as a boston marathon runner sporting fake scars and blood. massive outpouring of discussed from users on twitter and even death threats made to her and her family. she has since deactivated her social media account and she was fired from her job. should this young woman have lost her job for what she did? liz: it is unbelievable because people were innocent, maimed and killed at the boston bombing and it shows a lack of common sense of empathy to dress up like that. they tend to do that. she has been called out on it in a big way and the internet is exploding over this. the second issue is cyber bullying and cyber threats are not right either. stuart: the principal argument is should she have been fired?
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the picture was taken in her office cubicle, c can argue she brought her company and its premises into disrepute. and that is the reason for the firing. liz: this is a free market. they have the right to protect itself. so yeah, i think it is legitimate to fire her if it so deems that is the appropriate response because they have a history and a knowledge of this worker as well that we don't know about. and call into question she posted it on the internet that photo of herself in her cubicle, the internet exploded and said what kind of a company hires somebody who comes into the office dressed like that? stuart: the internet rings it all out instantly just like that. it was in very, very bad taste to say the least. liz: so is the cyber bullying that has been going on. stuart: the obama administration friday a document dump, a
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backdoor executive power grab basically, your take on that is next. so we provide it servicesu can rely on. with centurylink as your trusted it partner, you'll experience reliable uptime for the network and services you depend on. multi-layered security solutions keep your information safe, and secure. and responsive dedicated support meets your needs, and eases your mind. centurylink. your link to what's next. help the gulf when we made recover and learn the gulf, bp from what happened so we could be a better, safer energy company. i can tell you - safety is at the heart of everything we do. we've added cutting-edge technology, like a new deepwater well cap and a state-of-the-art monitoring center, whe experts watch over all drilling activity twenty-four-seven. and we're sharing what we've learned, so we can all produce energy more safely.
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get 200 free trades when you open an account. stuart: earlier on the program i give you my take on the white house new climate action plan, another executive backdoor power grab a nelson a document dump late friday afternoon. he hoped he wouldn't see it. here's what you have to say about it. robert says this is about changing the subject all the time so that no one can nail down the agenda. says we don't have a choice whether or not to fall for this all over again, obama has shown he will do whatever he wants doesn't care about the public. dennis says of the blind led by the clueless and probably cost the taxpayers more wasted millions and billions of dollars making washington lobbyists and lawyers richer. liz: you and i were talking it up for it, think the president has to bring this before
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congress and show who is going to be on the panel. mostly one side of the political aisle dictating the expenditure of the hundreds of millions and billions of dollars. stuart: he set up a task force, all but three of them are democrats, they will be in charge of deciding what changes to make in the building codes for example. infrastructure spending, land use and the president has made a direct link between a wildfire and climate change. he says there is a direct link and we have to do something about that. whether such link exists or not is another point entirely. he is using climate change as an excuse to go around th congressd spend more government money. that is just my opinion. liz: if he wants to be the most transparent president, which clearly there are issues of that, let it be gutted. stuart: we haven't had a change in direction, a change in direction.
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the open up with a gain of 40, almost 50 points and we have come back down from there ever since. we have just turned a little bit lower. we started out saying another big week, this market just wants to go higher. maybe i am not so keen on that point of view either. liz: talking about whether or not we are in bubble land. stuart: is it a stock bubble, do you think? >> hard when you have so much, how can you have a correction? we are seeing massive inflows into equity funds right now. stuart: i think you can make the case it is a honda bubble. liz: price-to-earnings ratio surpasses what they were during the dotcom era. stuart: that is important. our time is up, it is yours now.
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connell: we have a lot coming up. and rummy saying president obama's lack of honesty has put his second term in peril. edward snowden has this new manifesto that is out from russia, calls for reform in surveillance justify his leaks of classified information. we will see if he agrees with him on that. and the changing landscape of designer fashion. the top names in the country, here with us this hour to talk about that. all that and dagen mcdowell this hour on "markets now." all right. dagen: we're giving you a makeover. connell: that would be great. get him to work on that.